FAQ

The FAQ is broken into 3 major categories..

LTCGear FAQ

Q: What is LTCGear?

A: LTCGear is a company where you can purchase mining shares that can pay out in LTC or BTC (at the basic level). There are no choices of pools and you do not directly control the mining. You are purchasing shares in a farm.

Q: What’s the website for LTCGear Shares

Q: Who is this Chris guy?

A: On his website the following information can be found:
About LTCGear Owner/Operator Chris FPGA designer for 15 years. Altcoin miner for two years. Altcoin developer for one year.

Q: How do I contact this Chris person

A: You can use the contact form on the site.
By going to the My Account option and then Contact you will be able to submit a form to contact Chris.

A secondary method is to email him directly at chris@ltcgear.com

Please note: Unless you have a support issue your mail will most likely go unanswered. It appears Chris does not have time for idle chit chat or general messaging back and forth.

Q: What is a “share”? How much hashpower is it?

A: 1 share of qASIC is 100Kh/s, Every10 shares you own is equivalent to 1MH of hashing power.

Q: How long do shares last?

A: Shares are good for 1 year at a time and can be renewed by paying a maintenance fee at the end of the year. The expected renewal charge is between 5% and 20% but as the qASIC shares are not 1 year old yet, no one has any further details. It is assumed that Chris will set the rate based on current conditions at time of renewal which would explain the large variance in the given estimates.

Hard Questions & History

Q: Is this a scam or a ponzi? How can prices be so cheap?

A: So far no, this is not a scam. LTCGear has been around for over a year and started by selling physical hardware Chris designed himself. He then moved to selling shares in his farm and has evolved to the current environment we now see.

As he at one time had a physical presence, his name and address are known (from that period). Chris has promised pictures of his farm but it appears to be a low priority for him.

As with all Crypto Investments, please make sure you do all the due diligence you require in order to feel comfortable investing or not investing with this company.

Q: What is multiplication

A: As we all know, the mining difficulty rises which lowers our expected payouts. LTCGear has come up with a unique solution to help his shareholders. Approximately every 6 to 8 weeks Chris will issue a “multiplier”. This will take all your shares and multiply them by whatever factor he has decided on (usually tied to the amount the difficulty has risen since last multiplier). For instance if the last multiplier was 1.35 (35%) and you owned 1,000 shares, at the end of the multiplier you would now have 1.350 shares. Yes, free shares for everyone. This helps defer the pay decline you would otherwise experience if difficulty rose 35% and you hadn’t purchased additional shares to reinvest.

Q: Can I buy or sell shares here? Are there any group buys I can get in on

A: Yes you may. Make sure to check the background of the person selling the shares to make sure you have a good buying experience.

Q: How can I transfer shares to someone else

A: LTCGear allows you to transfer any number of shares directly to another user. To use this feature please find the Transfer Shares option on the bottom of the right hand side of all webpages on ltcgear.net

You will need to know the username of the person you are transferring to. This can be found on the users “Account” screen, it will say Hello, thisisyourusernamehere. *note: Fill in the username and amount of shares you wish to send the user and click the transfer button. You will receive a popup message indicating the transfer is complete within seconds

Q: What are these “mods” people keeping talking about so much?

A: When you purchase shares, you are buying shares that mine Scrypt Coins. A “mod” allows you the opportunity to mine different algorhythms such as X-11 or Scrypt-N.

Depending on which mod you purchase you can devote an amount of shares to mining that other algorhythm. For instance purchasing a dual mod 10 allows up to 630 of your shares to mine either X-11 or Scrypt-N (you choose).

Example: So if you feel DRK or VTC is having an exceptionally good week you can devote a portion of your mining power towards those coins and receive a larger payout than if you would have mined just LTC that week.

Please note: Mods are not affected by the multiplier. If your mod allows 630 shares to mine X11 it will still only mine 630 shares of X11 after the multiplication (ie it is a modifier, not a share itself) Mods sell out fast so they can be difficult to find and purchase. Keep trying, they do go back in stock frequently

Also note, that VTC (Scrypt-N) will be changing its algorhythm in a couple of months. Chris has said he will try to support it but no guarantees. Keep this in mind when evaluating whether or not a “mod” is a good purchase for you

Obvious nature of crypto currency:

Q: Why does the website look like it was designed by an amateur.

A: Chris has many skills, apparently web design is not one of them. It is definitely not the prettiest and can sometimes be difficult to find what you are looking for, but have no fear, it is a fully functional website.

Chris always updates the home page with any current information (such as delays in payments or payouts running long). Remember to check there and the Announcment section for the latest updates.

Q: How can I see how many shares I have

A: On the right hand side of the screen under Active Shares you should be able to see how many shares you currently own

Q: Is there an official forum for LTCGear

A: No, Chris uses the name beekeeper on a variety of forums such as litecointalk and bitcointalk but does not have an official forum himself.

Payout Section:

Q: When do I get paid

A: Payouts are currently every Friday but may be made earlier in the week if the owner’s (Chris) personal schedule requires it. Always check the announcements section at http://www.ltcgear.com/announcements/ for the latest information Payouts generally occur between 2pm and 11pm EST LTC/FTC gets paid first, DRK/VTC follow, then BTC and finally convert to shares happens

Q: How can I see what the weekly payout amounts are

A: By going to http://ltcgear.com/ltc-payments/ or clicking Farm Payments at the top of the screen you will be able to see the daily payouts and the weekly totals as well as all exchange rates Chris used for this payout cycle

Q: Do I get paid for the whole week if I buy in the middle of the week?

A: Yes. Chris takes a snapshot at some point the day before payouts and at that point any new purchases would not be counted in that weeks payout. To be safe, make sure you have your shares 24 hours before the payout day.

Please note: If it is a multiplier week, you do not receive payout for the entire week based on the multiplied shares. If you have 1,000 shares for 4 days and 1,350 shares for 3 days (ie you received 350 shares as your multiplier) that is how it is calculated, Not 1,350 shares for 7 days.

Purchasing and Payment Section

Q: What is the anniversary deal

A: The anniversary deal is a special Chris started in Aug 2014 to celebrate his first year in business. By using the coupon code “anniversary1yr” (no quotes) at checkout you will receive 49% off the price of a 1K6x (1600 QAsic share pack) or a 830x (830 QAsic share pack). The code does not work on any of the “mods” available.

Q: How can I pay for my shares

A: Chris currently has 2 options for you to pay with. Coinpayments.net will allow you to pay in various crypto currencies such as bitcoin,litecoin and other altcoins. The second option is to buy via straight bitcoin. This option also provides an 8% discount off your order total and can be used in conjunction with active coupons

Q: Does LTCGear take Paypal

A: Short answer is no. Chris used to accept Paypal at the start of 2014 but due to issues with Paypal he has since stopped accepting this as a payment method. The site has not been updated to reflect this is no longer a valid payment method.

Q: I paid for my order and it still says On-Hold

A: Chris requires 3 confirmations on the blockchain (for bitcoin payments). Once this has happpened your order status should change to “Processing” and you should see the additional shares have been added to your account. Once your order shows “Processing” your shares are active and mining, the order does not need to be “Completed” in order for youto get credit for the shares More information can be found here: http://ltcgear.com/convert-to-shares/

Q: What is the convert to share option available as a payout option

A: This will allow your weekly payout to be converted directly to shares at approximately a 60% discount to current pricing. Its a great way to acquire more shares if you are not able to purchase entire packs at a time. Chris’s explanation can be found here: http://ltcgear.com/convert-to-shares/

Q: What are Farmshare or Hardware shares (HW$)

A: These are old products that are no longer available for purchase. All current shares are called Asic Shares (q of Asic) and are labelled qASIC

Q: Why are there no smaller packs available for purchase

A: Unknown at this time, but it seems Chris is only restocking the 1600 share (Anniversary 1K6x) and the 830 share (830x) options. For smaller purchases you will need to find someone offisite willing to sell shares. Please be careful and always use escrow if you do decide to pursue this method. BUT there are small share available here!

Q: How do I set my payment addresses

A: Click the My Account button. You will find entries for Scrypt (LTC or FTC), X11 (DRK), Scrypt-n (VTC) and SHA-256 (BTC). Chris has recommended you fill in all 4 address fields to avoid any delays in your weekly payout. Remember to hit change for each address you fill in or it will not be saved – Keep things simple for now ONLY convert to BTC and you only need a BTC wallet address or use the convert to shares option and you do not need a wallet at all.

Q: How do I decide what coin I wish to receive payment in

A: Directly beneath the payment addresses is a drop down for Coin Choice. If you do not own any mods you will only be able to select BTC, LTC or Convert to shares If you have any dual mods you can select X11 or Scrypt-N to be paid out in that currency.

SECTION 1 – GENERAL INFORMATION1.1. What is a Hashlet?
A Hashlet is a Digital Cloud Miner.The Hashlet was designed from the start to be the easiest, most
convenient miner to own. Instead of presales and waiting for shipping,
Hashlet miners activate instantly via a simple, yet powerful online
interface – ZenCloud. If you can open an email, you can setup and operate
a Hashlet.Hashlet has been built to be the most powerful and power-efficient
cryptocurrency miner in the world. It uses enormous economies of scale
to maintain profitability longer and more reliably than any other miner
on the market.

Once you buy a Hashlet, it’s yours forever – unless you sell, trade,
or give it away. Owning a Hashlet is like owning any other
miner, only better. Hashlets have 99.9% uptime, are guaranteed to never
break down, and have decreasing fees over time, which already start at
the record low rate of $.08/day per MH.

1.1.1. What is cloud mining?
Cloud mining is the process of Bitcoin and/or AltCoin mining utilizing
a remote datacenter with shared processing power often contracted through
a cloud mining company. This type of mining is preferred by some users
because it allows them to mine without having to manage their own
hardware.

There are several types of cloud mining services.Hosted Mining:
Users of hosted mining equipment lease a physical mining rig, and
receive the hashing power of that particular system. Some miners also
choose to host their own miners in data centers to reduce power usage
cost and excess heat from the equipment.

Virtual Hosted Mining:
Miners can rent a virtual private server and install mining software
on the machine. They then utilize the processing power of the machine for
mining.

Leased Hashing Power:
Some services offer hashing power hosted in data centers for sale
denominated in Gigahash/seconds or GH/s (SHA-256 algorithm). Other services offer hashing power denominated in Megahash/seconds or MH/s (Scrypt algorithm). Users either select a desired amount of hashing power and/or a period for the contract.1.2. Is there a difference between Hashlets?
Yes, there is. The Hashlet Prime is able to switch between multiple
pools and algorithms. The Hashlet Prime is also able to have it’s speed
boosted for a short amount of time twice daily.

The Hashlet Solo can only mine the Scrypt algorithm and pool it’s designed for. Hashlet Solo speeds are sold by the MH/s. Boosting is not available for Hashlets in the Hashlet Solo Category.

The Hashlet Genesis can only mine the SHA-256 algorithm and pools it’s designed for. Hashlet Genesis speeds are sold by the GH/s. Boosting is not available for Hashlets in the Hashlet Genesis Category.1.2.1. What is a Hashlet Prime?
The Hashlet Prime is a Digital Cloud Miner capable of mining multiple
algorithms and pool switching, it is able to be boosted for a short
amount of time twice daily.
Algorithm(s): Scrypt, SHA-256

1.2.2. What is a Hashlet Solo?
The Hashlet Solo is a category of Digital Cloud Miners that mines a
specific algorithm on a specific pool that it has been designed for.
Boosting is not available for Hashlets in the Hashlet Solo Category.

1.2.2.1. What is a ZenHashlet?
The ZenHashlet is a Hashlet Solo Digital Cloud Miner designed for the
Scrypt algorithm and earns payouts based on ZenPool
Algorithm(s): Scrypt

1.2.2.2. What is a WaffleHashlet?
The WaffleHashlet is a Hashlet Solo Digital Cloud Miner designed for the
Scrypt algorithm and earns payouts based on WafflePool
Algorithm(s): Scrypt

1.2.2.3. What is a CleverHashlet?
The CleverHashlet is a Hashlet Solo Digital Cloud Miner designed for the
Scrypt algorithm and earns payouts based on CleverMining Pool.
Algorithm(s): Scrypt

1.2.2.3. What is a MultiHashlet?
The MultiHashet is a Hashlet Solo Digital Cloud Miner designed for the
Scrypt algorithm and earns payouts according to MultiPool.
Algorithm(s): Scrypt1.2.2.5. What is a HashletGenesis?
The HashletGenesis is a Hashlet Solo Digital Cloud Miner designed for the
SHA-256 algorithm and capable of pool switching.
Algorithm(s): SHA-2561.2.3. What is a LegendaryHashlet?
The LegendaryHashlet is a LIMITED EDITION Hashlet Solo Digital Cloud
Miner designed for the Scrypt algorithm and and earns payouts based on ZenPool. Legendary Hashlets are incredibly special and rare.

They’re Hashlets that are only available for a limited time upon release, after which they become unavailable for purchase and are placed into the Legacy Vault. Legendary Hashlets have a completely unique skin that gives them their
own special look and feel. They also are only available within ZenCloud
to ZenCloud customers and can only merge with other identical Legendary
Hashlets.
Algorithm(s): Scrypt

1.2.3.1. What is a RememberHashlet?
The RememberHashlet is a LIMITED EDITION LegendaryHashlet Digital Cloud
Miner designed for the Scrypt algorithm and mines on the ZenPool.
Only 500 were released and sold to commemorate what happened on
09/11/2001 at the World Trade Center in New York City. They have now
become unavailable for purchase and have been placed into the
Legacy Vault. All the proceeds from the sales of this particular Hashlet
were donated to the 9/11 Memorial.
Algorithm(s): Scrypt
Mining Pool(s): ZenPool

1.2.3.2. What is this Hashlet I’ve never seen before?
It is most likely the Legendary Hashlet.1.3. Can I point a Hashlet to a pool of my choice?
You can point the HashletPrime to any one of the pools supported by
ZenCloud, unlisted pools are not currently supported. Hashlet Solos are
bound to the pool they were designed for.

1.4. How do I merge my Hashlets?
Simply click and drag the Hashlet you wish to merge on top of the
Hashlet you wish to have it merged with. You can only merge Hashlets
of the same type.

===========================================================================SECTION 2 – PURCHASING A HASHLET2.1. How do I buy a Hashlet?
There are several ways to purchase a Hashlet.Option 1:
You can purchase a Hashlet using the GAW Miners’ website which can be found
at: http://www.gawminers.com
Simply click on the Hashlet you wish to purchase, change the quantity
to match the quantity of Hashlets you wish to purchase. Add the Hashlets
to your cart and proceed to checkout.Option 2:
You can purchase a Hashlet through your ZenCloud account.
You may login here: https://cloud.zenminer.com
Simply click on the Hashlet you wish to purchase, slide the bar
to match the quantity of Hashlets you wish to purchase. Select your
payment option and proceed to checkout.Option 3:
You can purchase a Hashlet from a reseller. Resellers can be found
by visiting the “Reseller Marketplace” section on the Hashtalk Forum.
The Hashtalk forum can be found at: https://www.hashtalk.org
The “Reseller Marketplace” can be found at:
https://hashtalk.org/category/17/reseller-marketplace

2.2.1. How do I deposit Bitcoin into my ZenCloud account?
While logged in to your ZenCloud account your current balance is
displayed on your ZenCloud account navigation bar in the upper right,
close to your user name next to your Hashpoints. Hovering the mouse over
the balance will present a notification reading, “Fund Account”.
By clicking on the balance you will be presented with an “Add BTC”
window. Fill in the field(s) with the amount of BTC and/or dollar
amount you wish to add to your account. After you are finished entering
the amount of BTC you’d like to deposit, click the “Add” button.
A new BTC address will be generated and presented to you in a new
window. From this point on you simply transfer the desired amount of
BTC to the BTC address that ZenCloud generated for you.

2.2.2. How long until my Bitcoin deposit posts to my ZenCloud Account?
Deposits take 6 confirmations on the block chain before they become
available for use.

Sometimes there is a delay in the ZenCloud’s blockchain API. No deposit has ever been lost and your payment will eventually come through.

If you are experiencing a deposit that has not posted after the 6
confirmations, please wait until the end of the next payout period
before placing a support ticket. Many issues like this resolve
themselves by the end of next payout period. We are aware of this
issue and are working to resolve it.

2.3. What is Auto Purchase and how do I use it?
Auto Purchase will automatically purchase a Hashlet of your choice once
your ZenCloud account’s BTC balance is equal to or greater than the cost
of the Hashlet you have selected.

To enable Auto Purchase:
While logged in to your ZenCloud account, select the “Miners” tab
in the tab bar located on the left hand side of the webpage. If you do
not see the tab bar, click on the circled arrow near the ZenCloud
logo located in the upper left of the webpage on your ZenCloud account
navigation bar. The ZenCloud navigation bar can be found at the top of
the screen.

With the “Miners” tab selected, click on the green
“Enable Auto Purchase” button located in the “Solo Hashlets” section.
A window will pop up. Here you will be able to slide the slide bar to
the desired amount of MHs you desire to auto purchase. Under Hashlet
Type, use the drop box to select which type of Hashlet you wish to
auto purchase. Once you have your selection made, click the “Enable”
button. A notification will pop up in the lower left hand side of the
screen confirming Auto Purchase has been enabled.

To disable Auto Purchase:
Navigate to the “Miners” tab as described above. Once there, click on
the red “Auto Purchase” button located in the Solo Hashlets section. A
confirmation window will pop up asking if you are sure you want to
disable Hashlet Auto Purchase. Click the “Proceed” button to disable
Auto Purchase.

===========================================================================SECTION 3 – SELLING A HASHLET3.1. How do I sell a Hashlet?
While logged into your ZenCloud account, select the “Miners” tab on
the left hand-side of the screen. Once at the “Miners” tab, click the gear
icon on the Hashlet you wish to sell and select “Sell Miner”. A window
will pop up asking you to confirm your option to sell your Hashlet.
Click on the “Confirm” button to place your Hashlet up for sale.
You will receive 80% of the retail price when the Hashlet is sold.

3.2. When will my sell order be completed?
The sell order is placed in queue to be sold to the next customers that
are looking to buy that amount and type of Hashlet. There is no set
time limit for a sell order to be filled in. Sell orders are strictly
market driven. If your Hashlet is in high demand it may sell fast. If
your Hashlet is not in high demand the sell order could in theory stay
open indefinitely. Hashlets that you place for sale still mine to your
account until the sell is completed and ownership is transferred.

3.3. When will I receive payment for my completed sell?
Once your Hashlet has been sold, you should be credited the BTC within
48 hours. Usually, by the end of the next payout period.

3.4. Can I sell a Hashlet outside of ZenCloud/without using ZenCloud?
No. Transfer of Hashlets between accounts is no longer supported.

3.5. Warning concerning the selling of a ZenCloud Account.
ZenCloud does not officially support the sale of a ZenCloud accounts
between private parties.

A possible vulnerability has been identified that would allow an
account seller to keep control of the account even after the buyer has
changed the password. This would allow the seller to essentially take
the account back once it’s been sold.

We are working to fix this, but the best course of action is to
NOT buy or sell an account from any private party until another
announcement is made concerning this issue.

===========================================================================SECTION 4 – PAYOUTS4.1. When are payouts processed?
Payouts are processed once a day usually starting around 9:00 AM EST.
Once initiated, payouts are sent out in “waves” to prevent overwhelming
Coinbase’s API. It can take several hours for all the payouts to be
processed. There will be a progress bar at the top of your “Balance”
page during the time payouts are being processed.

The Balance on your ZenCloud navigation bar will not update until
the payout process has completed.

4.2. When will I receive my first payment after purchase?
It really depends on what time of day the Hashlet was purchased, but
usually by the end of the next payout period. It can take anywhere from
24-36 hours.

4.3. How do I make a withdrawal?
Select the “Balance” tab while logged into your ZenCloud account.
To withdraw BTC, click the red minus icon located in the upper
right hand of the screen, just below your username on the navigation bar.
A window will pop up. Fill in all the required fields then click
“Withdraw”. A 0.001 BTC transaction fee will be charged for each
withdraw request.

4.4. How do I set up Auto Withdrawal?
There is currently no Auto Withdraw feature available.

4.5. Why have I not received a payout yet?
Payouts are processed once a day usually around 9:00 AM EST. Once
initiated, payouts are sent out in “waves” to prevent overwhelming
Coinbase’s API. It can take several hours for all the payouts to be
processed. There will be a progress bar at the top of your “Balance”
page during the time payouts are being processed.

There are several things that can contribute to delayed payout. If you
purchased a Hashlet late in the day, you might not see a payout at the
end of the next scheduled payout, but you will receive a payout Usually
within 24-36 hours.

4.6. Why does my balance and my payout(s) not match up?
The Balance on your ZenCloud navigation bar will not update until
the payout process has completed.

4.7. Why have I missed payout(s)?
There are several things that can contribute to missed payout. If you
purchased a Hashlet late in the day, you might not see a payout at the
end of the next scheduled payout, but you will usually receive a payout
within 24 hours.

4.8. Why do I have a such small payout?
It could be a partial payout. If a Hashlet was merged and/or split
during the last earnings cycle there are likely to be additional smaller
payout transactions.

===========================================================================SECTION 5 – FEES5.1. What are the fees?
There is a $0.08 daily maintenance fee on all Hashlets per MH except
the Hashlet Genesis. The Hashlet Genesis maintenance fee is $0.01 daily
per 5 GH.

5.2. How do I pay the fees?
Fees are automatically deducted from your ZenCloud BTC balance during
the daily Payout process.

5.3. When are the fees processed?
Fees are processed once a day usually around 9:00 AM EST. It can take several hours for all the fees to be processed. There will be a
progress bar at the top of your “Balance” page during the time fees and payouts are being processed.

This is a living document, content is subject to change without notice.

COPYRIGHT
This FAQ is released under the Creative Commons Attribution 4.0
International License (CC BY 4.0). You must provide credit to the
original author(s) if you use any part of this document in your own
project. You can find who and how to credit the original author(s)
under SECTION II of this document.

The “human-readable” summary of (and not a substitute for) the license
can be found at: http://creativecommons.org/licenses/by/4.0/

The full license in all it’s legally binding glory can be found at:
http://creativecommons.org/licenses/by/4.0/legalcode